President Nayib Bukele of El Salvador said on Wednesday that the El Salvador government has purchased additional 420 bitcoins, which brings the total amount bought until now at 1,120 BTC.
It was a long wait, but worth it.
We just bought the dip!
420 new #Bitcoin??
— Nayib Bukele ?? (@nayibbukele) October 27, 2021
The latest purchase is estimated to be worth $25 million at the present BTC price.
Bukele first announced that the country bought their first-ever 400 BTC in September. Since then El Salvador has purchased a total of 1,120 Bitcoins. According to President Bukele El Salvador is already in profit from BTC purchases.
Hahaha we’re already making a profit of the #bitcoin we just bought.
— Nayib Bukele ?? (@nayibbukele) October 27, 2021
In the last El Salvador 150 BTC purchase, President gave a Bitcoin trading tip, “They Can Never Beat You If You Buy The Dips.”
They can never beat you if you buy the dips.
— Nayib Bukele ?? (@nayibbukele) September 20, 2021
The month of June was when Bukele said that he would give residents $30 in Bitcoin when they sign up to the government’s cryptocurrency wallet known as Chivo in efforts to convince more people to adopt Bitcoin as their digital currency.
The cryptocurrency got a huge boost following the announcement of their debut U.S. Exchange-traded funds earlier in the month that went live in the New York Stock Exchange under the ticker symbol BITO.